Houses go under hammer for half value during boom
AT the height of the boom, it would have attracted bids of more than €700,000.
But at the first Dublin house auction of the year a bungalow in posh Glenageary in Co Dublin achieved little more than half that when it sold for just €405,000 yesterday.
The three-bedroom semi, known as Clermont at 18 Haddington Park, Glenageary, attracted three bidders, who started at €375,000.
Auctioneer Simon Ensor of Sherry FitzGerald acknowledged that the 1930s home needed total modernisation but added that "with a bit of style and flair, it could be transformed into a delightful family home".
Its 103sqm of accommodation includes a living room, dining room, kitchen, bathroom and it also has a garage, which has potential for adding extra space.
Other features that appealed to bidders were its double frontage with rooms on each side of the hallway, its cul-de-sac location just off Albert Road and its west-facing garden, which gets sunshine in the evenings.
Meanwhile, at the first Galway auction of the year, three of the four houses sold on the day.
Two of them fetched only about half their peak prices.
Four bidders chased a three-bedroom semi at 67 Moyola Park, Newcastle, to the north of the city, up from €150,000 to €179,000.
Another three-bedroom semi at 19 Sycamore Court, Renmore, in the east of the city, saw two bidders compete, pushing the price up from €150,000 to €160,000.
"The houses would have sold for around €320,000 to €350,000 at the peak of the market," said auctioneer Colm O'Donnellan of O'Donnellan & Joyce.
The third sale was a derelict house at Blakes Lane, Bohermore, near Galway city centre.
Bidding started at just €30,000 before reaching €78,000.
The fourth property, 2 Reddington Road, Shantalla, attracted bids up to €160,000, but, as it failed to meet its €200,000 guide price -- which has now been reduced to €187,000 -- it was withdrawn from the sale.